EL Required information The Chapter 1 Form worksheet is to be used to create your own wo 1. Now change all of the dollar amounts in the data area of your worksheet A B 1 2. Chapter 1: Applying Excel 3 Data 4 Sales 58,000 5 Variable costs: 6 6 29.000 7 5 2.900 00 Cost of goods sold Variable selling Variable administrative Fixed costs: Fixed selling Fixed administrative 5 2.700 9 10 6 2.500 11 6 1500 If your formulas are correct you should get the correct answers to the following ques (a) What is the gross margin now ner $ Variable selling Variable administrative 2,900 2 of 2 8 $ 2,700 9 Fixed costs 10 Fixed selling Fixed administrative 69 2,500 1,500 11 S ts e Book If your formulas are correct, you should get the correct answers to the following questions. Print (a) What is the gross margin now? Gross margin References (b) What is the net operating income now? Net operating income (c) What is the contribution margin now? Contribution margin 2. Suppose that sales are 5% higher as shown below A B 1 Chapter 1: Applying Excel 3 Data Sales + in 60.900 30.450 N00 3.045 5 Variable costs: 6 Cost of goods sold Variable selling 8 Variable administrative Fixed costs 10 Fixed selling Fixed administrative 5 2.836 9 2.500 9 1500 ! Required information (d) When sales increase by 5%, which of the following should also increase by 5% in a merchandis than one answer. Single click the box with the question mark to produce a check mark for a com box with the question mark to empty the box for a wrong answer. Any boxes left with a question as incorrect.) Variable cost ? Fixed cost Gross margin Contribution margin ? Net operating income. (e) When sales increase by 5%, which of the following should increase by more than 5% in a merchandisir more than one answer. Single click the box with the question mark to produce a check mark for a corre the box with the question mark to empty the box for a wrong answer. Any boxes left with a question m. graded as incorrect.) ? Variable cost N ? Fixed cost 2 Gross margin ? Contribution margin LP ! Required information Enter this new data into your worksheet. Make sure you enter all of the (a) What is the gross margin now? Gross margin (b) What is the net operating income now? Net operating income (c) What is the contribution margin now? Contribution margin (d) When sales increase by 5%. Which of the following should also increase by 5 than one answer Single click the box with the question mark to produce a check